May 23, 2024

XRP is one of the widely-known cryptocurrencies in the market thanks to its utility as an open-source ledger token and its victory against the US SEC. However, as a cryptocurrency, it has tested price volatilities and surges in the long run.

Recent news like the 132 million XRP tokens shoveled by Ripple has raised concerns regarding a potential sell-off. This is because such action could reduce the asset’s price level. 

On the other hand, the project’s team is striving to keep it up-to-the-minute, and this dedication has triggered speculations concerning XRP’s future price actions.

Currently, the coin’s 24-hour trading volume has reached a significant level, boosting XRP’s optimism and growth potential in the market. Given the strong support and positive sentiment surrounding XRP, it’s likely that the coin might approach the $1 mark before the month ends.

XRP Records More Losses After Significant 1-Year Gain – When Could the Rebound Occur?

Coingecko has revealed XRP’s past and recent performance across the crypto market. According to data, the coin gained approximately 35% during the last year, showing a favorable ending in 2022.

However, XRP has recorded more losses recently, with a 23.8% dip in the last 30 days, 7% within 14 days, and 5% in 1 week. Conversely, the coin is up in the last 24 hours, at $0.4791, with a 1.28% increase as of 7:29 a.m. EST. 

Also, its trading volume has shot up by 17.35% and is sitting above $1.14 billion within the same time frame. Considering this current performance, XRP is upholding its upward trajectory despite the market instability and could rally further as the recent news within its ecosystem builds on investors’ confidence.

XRP Record Inflows of Funds from Whales Amid Bearish Market Sentiment

Despite a generally negative market sentiment, institutional investors have shown ongoing interest in XRP and related products.  The products recorded $0.7 million flowing in over the past week, which was also the amount realized over the last month. Again, from year to date, investments in XRP have reached $14 million.

An asset management firm, CoinShares, currently manages $58 million worth of XRP, indicating its active involvement in XRP-related investments. Despite regulatory challenges and market fluctuations, XRP continues to be viewed positively by some financial institutions as a promising long-term asset.

The continued interest of institutional investors in XRP can contribute to a more stable, credible, and recognized market for the asset, potentially leading to increased demand and a positive impact on its price.

XRP Forms Green Candle Stick Below Critical Moving Averages – Can The Asset Sustain the Rally?

XRP forms a green candlestick pattern below the 50-day and 200-day Simple Moving Averages (SMA). This placement below the SMAs may indicate a bearish sentiment, potentially leading to further price declines.

However, there is potential for price growth in the long run. The Relative Strength Index (RSI) is at 30.99 and moving upwards, suggesting a possible shift towards a more positive sentiment. 

It’s important to note that it’s still within the oversold territory (below 30), which typically indicates that the asset has been sold off heavily, potentially prompting some traders to see it as an opportunity to buy.

The Moving Average Convergence Divergence (MACD) being above the signal line with a faded green histogram bar implies that while the bullish momentum may be losing some steam, it still maintains an overall bullish stance.

Considering these indicators, XRP could experience a period of potential price recovery or consolidation as the RSI starts to move up. But traders must remain cautious, as the placement below the 50-day and 200-day SMAs indicates a bearish trend. 

The faded green histogram in the MACD suggests that the bullish momentum might not be as strong as before, adding uncertainty to the potential price movement. Given the mixed sentiment in the coin market, XRP’s chart analysis could be an interesting scenario to watch.

XRP Sits Near Critical Support – More Rallies To Come

XRP is currently trading at $0.47975, with support at $0.462153 and resistance at $0.511679. Based on this information, the coin might continue to trade within the range defined by the support and resistance levels. 

If XRP breaks above the resistance level at $0.511679, it could signal a bullish trend reversal. But if XRP falls below the support level at $0.462153, it could indicate a bearish trend continuation. 

Since XRP has commenced a green candle stick formation, which implies increased buying momentum, the coin will likely bounce, hitting high prices as it rallies toward the $0.5 level and beyond in the coming days.

Notwithstanding, traders and investors should consider the significant factors that could deter the coin’s expected move. Also, adequate research and risk management techniques must be in place before trading.

While XRP is poised for a significant surge in the coming days to weeks, investors could opt for promising alternatives like Wall Street Memes (WSM) to diversify their crypto investment portfolio and create a passive income stream.

Wall Street Memes (WSM) As an Ideal Alternative to XRP

Wall Street Memes has heavily invested in marketing, with influential YouTubers, including Elon Musk and crypto community leaders, actively promoting it. Their endorsements are fueling excitement.

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The project aims to reach a $1 billion market cap before listing on a tier-1 exchange, which could drive up prices as it gains visibility. The project’s roadmap outlines a clear path to these goals, making it attractive to investors.

WSM is tailored for meme coin enthusiasts, injecting vibrancy into the crypto market. Wall Street Memes’ presale is rapidly progressing, currently at the last stage, where WSM tokens are available for purchase at $0.0337 each.

$WSM Readies for Exchange Listing

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$WSM, thanks to its committed online community, influencer support, and meme-centric branding, is building substantial excitement as it approaches its market debut. As the presale ends, $WSM is ready to transition this enthusiasm into its official launch phase.

With its dedicated following, ample funding, and a strong plan, Wall Street Memes is preparing for tier-1 exchange listings in 14 days, igniting investor excitement within the crypto community. It’s a prime choice for those eyeing the crypto market’s growth opportunities.

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